Malaysia's March exports rise on electronics, oil

JasonNg

KUALA LUMPUR--Malaysia's March exports grew 8.4% from a year earlier thanks to higher shipments of electronics and refined petroleum products to Southeast Asia, the U.S. and E.U., official data showed Wednesday.

The median forecast from a Wall Street Journal poll of 11 economists had called for an 8.5% on-year gain in exports. In February, exports grew 12.3% from a year earlier.

Exports totaled 65.03 billion ringgit ($20 billion) in March compared with MYR60.01 billion a year earlier, the Ministry of International Trade and Industries said in a statement.

Exports to Southeast Asia, the U.S. and European Union countries expanded 10.9%, 5.2% and 14.1% respectively. Electrical and electronic products, which make up nearly one-third of total exports, increased 6.2% on year to MYR20.95 billion while exports of refined petroleum products surged 31% to MYR6.05 billion in March.

Imports in March, meanwhile, rose 0.5% on year to MYR55.43 billion, mainly driven by consumption goods though demand for capital goods and intermediate goods fell, the ministry said. The same WSJ poll had predicted a median gain of 5.8% for imports.

Imports of intermediate goods--such as circuit boards and automotive parts used for final assembly in computers and cars--fell 3.4% while imports of capital goods decreased 8.8%. Consumption goods surged 19.6%.

The trade surplus narrowed to MYR9.59 billion in March from MYR10.44 billion a month earlier, the ministry said.

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